Calculate the monthly payment on any loan — enter the principal, interest rate and term to get your repayment amount, total interest paid and full amortisation summary.
Enter your figures and click Calculate to see your results.
Enter the loan principal, annual interest rate and term in months to calculate your exact monthly payment.
Press the Calculate button. All results are computed instantly in your browser — no page reload needed.
Your full breakdown appears in the results card. Use Copy to grab the figures or Download to save a text report.
The formula is: PMT = P × (r(1+r)^n) / ((1+r)^n - 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 12) and n is the number of monthly payments. This is the standard amortising loan payment formula.
An amortising loan has equal monthly payments that gradually reduce the balance to zero. Early payments are mostly interest; later payments are mostly principal. A mortgage, car loan and personal loan are typical examples.
Each monthly payment covers two components. The interest portion is the cost of borrowing for that month (remaining balance × monthly rate). The principal portion reduces the loan balance. As the balance falls, interest decreases and more of each payment goes to principal.
A longer term reduces your monthly payment because the principal is spread over more months. However, you pay significantly more total interest over the life of the loan. A 60-month loan will cost more in total interest than the same loan over 36 months.
A down payment reduces the principal you borrow, which lowers your monthly payment and the total interest paid. On a mortgage, a down payment of 20% or more typically eliminates the requirement for private mortgage insurance (PMI).
A fixed rate stays the same for the life of the loan — your payment never changes. A variable (adjustable) rate fluctuates with market rates, meaning your payment can increase or decrease over time. This calculator models fixed-rate loans.
Every extra payment reduces the principal balance directly, which reduces the interest calculated in future months. This shortens the loan term and reduces total interest paid — even small additional payments made consistently can save thousands over a loan's life.
Yes for calculating the principal and interest component. Note that total mortgage payments also include property tax, homeowners insurance and possibly PMI, which this calculator does not include. Use a dedicated mortgage calculator for the full PITI payment.
A balloon loan has lower monthly payments calculated on a longer amortisation schedule but requires a large lump sum payment (the balloon) at the end of a shorter term. This calculator models standard fully amortising loans, not balloon structures.
Yes — completely free with no login, no sign-up and no usage limits. All calculations happen in your browser and no data is ever stored.
